Most of the "common man items" are proposed to be moved to the lower GST slab rate of 5 per cent under the GST rationalisation initiative, government sources said on Friday, noting that the Centre will closely engage with states to build a broad-based consensus in the coming weeks.
In a path-breaking initiative relating to the Goods and Services Tax structure, the Central Government has proposed to scrap the current slab of 12 per cent and 28 per cent of GST rates and keep only 5 per cent and 18 per cent GST rates, government sources said on Friday.
Prime Minister Narendra Modi, addressing the nation from the ramparts of the Red Fort on Independence Day, announced that the government is set to bring a major reform in the Goods and Services Tax (GST), which will give significant relief to consumers and small businesses.
In the last fiscal year, Bangladesh earned USD 50 billion, which is about 97% of the target and 8.58% more than the previous fiscal year 2023-24, Bangladesh Commerce Ministry said in a statement.
The appropriation bill seeks to authorise payment and appropriation of certain sums from and out of the Consolidated Fund of the State of Manipur for the services of the financial year 2025-26.
Finance Minister Harpal Singh Cheema said that this dedicated unit will streamline the detection and bring consistency in investigating complex cases involving Goods and Services Tax (GST) violations.
G Hari Babu, President of National Real Estate Development Council (NAREDCO) has urged the government to bring the Goods and Services Tax rates of building materials to the bracket of 18 per cent.
The Goods and Services Tax (GST) collections in July, in gross terms, rose over 7.5 per cent to about 1.95 lakh crore compared to about 1.82 lakh crore in the same month last year, according to official data released Friday.
DMK Spokesperson TKS Elangovan on Sunday criticised Goods and Services Tax (GST), alleging the BJP-led government of "pickpocketing" state governments' money.
The second round of India-New Zealand Free Trade Agreement Negotiations, which concluded in New Delhi, made significant advancements in multiple areas, including trade in goods and services, investment, rules of origin, customs procedures and trade facilitation, technical barriers to trade,
The India-UK FTA has provided wider access to goods and services of both the countries and the industry leaders in India see this as "historic", opening up opportunities to push more trade in the UK.